Acquiring a new customer can cost you 6 to 7 times more than retaining an existing customer.
Marketing is all about customers and how well you can understand them in order to sell them a product or service–and keep selling to them. Empathizing with your customers and putting yourself in their shoes is the most useful thing you can do when it comes to selling, online or off. Knowing what an individual customer likes or doesn’t like can be the deciding factor when the customer has a choice between your company and a competitor.
Customer surveys can help you understand your customers better. These surveys can help you understand customer perceptions, boost sales, gain a competitive advantage, assess customer interest, identify strengths and weaknesses, improve your products and services, improve the customer experience, and much more. Here are three of the most commonly used surveys used by companies:
1. Customer Satisfaction Survey
Customer Satisfaction surveys are great for learning insights into your customers’ perception of your brand–from customer service to product satisfaction, and even pricing. Customer Satisfaction surveys can help you understand why your customers are behaving the way they are.
Unsatisfied customers result in long-term losses in sales because customer happiness is a key indicator of their potential to return and buy again from you. If customer satisfaction is low, customers get discouraged and may turn to a competitor. It costs considerably less to retain a customer than to win a new one.
This type of survey can help with your marketing efforts by helping you identify what makes your customers happy–and to work through in identifying your ideal customer persona.
2. Customer Service Survey
A Customer Service survey can help you build customer loyalty. It is essential for you to identify whether or not customers are having a bad experience or a good one when dealing with your employees in person, over the phone or by email. Are your customers’ questions being answered fully and in a timely manner? Are they getting all the help they need to make purchasing your products easy?
A Customer Service survey is a great way to improve your customer touch points. According to a report by Frederick Reichheld of Bain & Company, acquiring a new customer can cost 6 to 7 times more than retaining an existing customer. As well, businesses which boosted customer retention rates by as little as 5% saw increases in their profits ranging from 5% to a whopping 95%. Providing good service to loyal customers is imperative to protecting and growing your business.
3. Customer Loss Review Survey
A Customer Loss Review survey is a means to figure out why customers are abandoning your business. This kind of survey reaches out to your former customers to find out what is damaging your brand, practices that are hurting customer loyalty, and other reasons why your customers are leaving. This is an invaluable tool if want to improve your customer retention by identifying meaningful improvements you can make to your business. It also gives you an opportunity to go back to lost customers and let them know that you’ve made improvements based on their feedback, and to give you another shot.
Knowing your customer is critical to the long-term growth of your business. The data you receive from customer surveys is invaluable, and can have an immediate impact on your bottom line–as well as keep customers from jumping to your competition.
Gabriel Nelson is a professional writer who has written for many industries including oil, jewelry, finance and food. He's an avid reader and film buff.